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Petroleum Minister blames decisions during Congress Govt for high fuel prices
Amid protests by the Opposition, Hardeep Singh Puri, Petroleum and Natural Gas Minister, replied, “Between 1979-86, prices rose by 126%, 2000-2007 prices went up 60%, last seven years prices have gone up by only 30%.”
He further added, “Prices are determined by international price. During the lockdown, prices went down, but when economic activity picked up, the prices also rose.”
Talking about the international production cost, he said, “The amount of crude available in the market is less than the demand thus the price is high. Crude oil price is decided by exchange rate, freight rate and dealer price. Government reduced the prices by Rs. 5 and 10 recently.”
Dayanidhi Maran, DMK leader asked, whether the government has decreased the fuel prices with the U.P. election in mind.
Mr. Puri replied that the State governments should reduce vats to reduce the fuel prices. “We are increasing ethanol blending. Petrol and diesel prices were deregulated by the Congress government. They floated oil bonds, which have resulted in huge repayments we made last year.”
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